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Updated almost 8 years ago, 01/20/2017
Hard Money Lending - Current Opportunity, need advice
Hi There,
Without getting into a ton of details, my dad (a realtor in Colorado) has an opportunity to buy some condo's that are currently being constructed at 50% expected market value. It is an exclusive opportunity - the developer needs cash to finish the project. i.e.) a condo is being sold for $100k now, and will sell for $200k when finished in 12-18 months.
Will a hard money lender be an option here? A note that will be accrue and pay interest and principle at the time of sale of the condo?
With this opportunity, it is not crazy to offer a high interest rate to secure a loan.
Any ideas here?
Thanks!